How to get a credit card exempt from paying the late fee

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  • If you don’t pay your credit card bill on time, a late fee will appear on your statement the following month.
  • The average credit card late fee is $ 26, and late fees account for more than half of all consumer fees.
  • If you accidentally paid your bill overdue, here are three steps you can take to get a credit card overdue fee waiver.

When used responsibly, credit cards offer numerous benefits to borrowers. You will receive additional protection against credit card fraud and some cards come with cashback rewards. But if you miss a payment, you’ll be charged a late fee (although some credit cards don’t charge late fees).

If you get stuck with a credit card delay fee, Louis J. Schoeman, director and financial expert at Forex Suggest, recommends trying to get it revoked as soon as possible. He says most credit card companies are surprisingly understanding. “In most cases, they’ll give it up if it’s your first time,” he explains.

How credit card delay fees work

The credit card company issues a late fee if the minimum monthly payment cannot be made by the due date. The exact fee depends on the card issuer, but most charge a flat fee.

A late fee will appear on your credit card statement the following month. The late fee increases your total balance and you will have to pay interest on that fee. Some credit card companies offer grace periods, which is a time frame within which payment can be delayed without a delay fee.

According to the Consumer Financial Protection Bureau, the average late payment fee is $ 26 for late payment. Late fees account for 99% of penalties and more than half of all consumer fees.

How late payments can hurt you

It’s important to get into the habit of paying your bills on time because late payments can negatively impact you. “How late fees can affect you really depends on the circumstances and the deal you made,” says Schoeman.

If your payment is only one or two days late, you will receive a late fee. Some credit card companies have tiered overdue fees, which means the fee is based on your balance. For example, the first late fee may be $ 20, but subsequent late fees may increase.

If your payment is more than 30 days late, your credit card issuer will report the late payment to major credit bureaus. Schoeman states that your overall credit profile will determine how much it affects your credit score.

And if your payment is over 60 days late, your credit card company may issue an APR penalty. For example, if your normal APR is 18.24%, you may receive a 29.99% penalty.

Schoeman says one thing many people don’t realize is that late payments can hinder any promotion you received with the card. “This is especially important if you’ve purchased an interest-free credit card because a late payment can cancel that interest-free period.”

How to get credit card delay fee waiver

Things happen and even the most responsible borrower can occasionally make the credit card payment overdue. But depending on the circumstances, some credit card issuers will waive late fees. If you accidentally paid your credit card late and got hit with a late fee, here are some steps you can take.

1. Pay your bill immediately

If you have missed the payment, the first step is to pay the invoice immediately. Leaving your credit card bill unpaid for too long can damage your credit and cause more significant financial problems down the road. Also, your broadcaster will be more willing to cooperate with you if they can see that you fixed the problem quickly.

2. Check if you have received a late fee

Next, you want to verify that you have received a late fee. You can check your credit card statement to see if your lender has charged a late fee. You will also be able to see if you’ve received an APR penalty or lost access to any credit card rewards.

3. Contact the credit card issuer

Schoeman recommends contacting the credit card issuer and explaining the situation. There are many scenarios where overdue payment is understandable and your credit card issuer may be willing to work with you.

“If you are self-employed and have ever received a late payment from a customer or have been ill with health, the credit card company will likely sympathize with you and waive any fees,” he explains.

Apologize for the delay and explain why it happened. Make sure you highlight your good customer story and ask if they’ll be willing to forgo the commission.

Ways to avoid credit card delay fees

Your credit card issuer may be willing to waive the late fee for a one-time event. But they will be less likely to work with you if you regularly pay your bill late. Here are some ways you can avoid credit card overdue fees in the future:

  • Review your budget: Start by looking at your monthly budget and considering whether you can afford to make the minimum payments each month. You will have to find ways to reduce in other areas if you can’t.
  • Set up payment reminder: If you have trouble remembering to pay your bills on time, you can set up payment reminders on your phone. That way, you always know when an upcoming payment is due.
  • Automate your payments: When you automate your monthly payments, you don’t have to remember to log in and pay your bill. You can do this by logging into your account and activating the automatic payment feature.
  • Change the payment due date: If your payment falls at an inopportune time, such as a few days before your payday, you can contact the issuer and ask them to change the due date.

The bottom line

It’s easy to forget your payment due date and pay your credit card bill late. Fortunately, if you have a history of paying on time, you can contact your issuer and ask to receive a credit card delay fee waiver.

However, you want to look for strategies to avoid late payments in the future. Reviewing your budget, adjusting the due date, and setting up automatic payment will help you avoid the delays and financial consequences that come with it.

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